A Study of Midcap Funds existing since last 15 Years in Mutual Fund Industry


  • Aparna Puranik, Haresh Desrani


Mutual funds are a mass collective vehicle which caters to large number of investor categories helping them to invest as per their goals. The main objective of this research paper to help investors choose between various midcap schemes for better decision making.  This study has considered seven Equity Midcap Schemes existing in mutual funds industry since last fifteen years as this tenure has seen many bull and bear phases helping an unbiased comparison. The cumulative score of performance ranking of schemes is considered as dependent variable. The study uses the parameters like comparison of performance over last fifteen Years vis-à-vis category average, Comparison with respect to two indices of midcap (Nifty Midcap free float midcap 100 index and BSE Midcap Index), Comparison on basis of AUM and Portfolio Turnover ratio. The ranking method is applied in the comparisons. The result of the study indicates that the funds should hold good on all the parameters to be yield a higher overall score. It has also been observed that though AUM of scheme is important but investor must consider analysis of outperformance of indices as well as category average and portfolio turnover ratio for better decision making. The study revealed that Franklin India Prima Fund has yielded maximum cumulative rank and Escorts Growth Fund has turned out to have gathered lowest overall ranking.